Crude Oil - Further drop incoming?
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Crude oil has been falling continuously over the past few days.
Now the reason for the fall is increased production of Crude Oil in September over August.
Since there is the news behind the fall, technicals would matter less.
Anyhow, if crude oil falls below the green box of support, then it could easily go till $34 to test the previous high as support and that would be bullish.
A fall below that would take crude to $31 region.
Also, it has been making a series of lower highs and is in a descending triangle formation which has a higher probability of breaking down.
The volume on the chart does not signify and good sell volume. Thus, i would not be expecting any major sell-off.
Keep track of Crude oil production news because that is one key driving factor behind this fall.
Please note: These are my views and not trading advice. Please consult your financial adviser before making any trading decision.
“The four most dangerous words in investing are: This time it's different.” - Sir John Templeton
Before you start reading kindly hit that like button. It motivates me to keep doing such work for free.
Thanks
Crude oil has been falling continuously over the past few days.
Now the reason for the fall is increased production of Crude Oil in September over August.
Since there is the news behind the fall, technicals would matter less.
Anyhow, if crude oil falls below the green box of support, then it could easily go till $34 to test the previous high as support and that would be bullish.
A fall below that would take crude to $31 region.
Also, it has been making a series of lower highs and is in a descending triangle formation which has a higher probability of breaking down.
The volume on the chart does not signify and good sell volume. Thus, i would not be expecting any major sell-off.
Keep track of Crude oil production news because that is one key driving factor behind this fall.
Please note: These are my views and not trading advice. Please consult your financial adviser before making any trading decision.
“The four most dangerous words in investing are: This time it's different.” - Sir John Templeton
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